§ 5–509
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 5-509 (2026)
Title 5. Banking Institutions -- General Provisions
Subtitle 5. Miscellaneous Regulations
§ 5–509LinkCopy Citation
(a)
Each banking institution shall be a member of the Federal Deposit Insurance Corporation unless the institution is not in the business of accepting deposits or retaining funds in a deposit account. A banking institution is not in the business of accepting deposits if it accepts a deposit as a trustee or custodian and is not in the business of retaining deposits if the deposits do not remain in a deposit account of the institution for more than two consecutive banking days. Any institution which is not in the business of accepting deposits or retaining funds in a deposit account as defined in this section shall not be bound by the provisions of § 5–403(c)(2) of this title.
(b)
If approved by a majority of its directors, a banking institution may:
(1)
Become and participate as a member of the Federal Reserve System; or
(2)
Withdraw from the system.